(Corrects year that BPC was founded in third paragraph of story published yesterday.)
Yields on Belarus’s dollar bonds pared their biggest jump in six weeks after Russia’s OAO Uralkali pulled out of a cartel with a state-owned local miner, spurring concern budget revenue will fall.
The yield on Belarus’s 2018 Eurobond was steady at 9.09 percent after surging 83 basis points yesterday, the most since June 20, data compiled by Bloomberg show. The yield on the country’s dollar notes due 2015 fell seven basis points, or 0.07 percentage point, to 8.96 percent as of 11:28 a.m. in Minsk, after surging to the highest since June 8 yesterday.
Uralkali said yesterday it will no longer sell the fertilizer through Belarusian Potash Co., the Minsk-based marketing company it established in 2005 with rival miner Belaruskali. Until yesterday, BPC controlled about 40 percent of global potash exports. Belarus, which has no significant natural resources other than potash, earned $2.7 billion from selling the crop nutrient abroad last year, or 5.6 percent of total export revenue.
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